Whole Rewards Evaluate for HRCI & SHRM

April 27, 2024

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Welcome to the HR Certification Podcast: a podcast for HR leaders working in direction of their human sources certification with HRCI and SHRM. Be a part of host Jessica Miller-Merrell, founding father of Workology.com and HR certification prep program, Ace The HR Examination, as she shares examine ideas, examination insights, and topical evaluate for HR exams, together with the aPHR, PHR, SPHR, SHRM-CP, and SHRM-SCP. Now, right here’s Jessica with this episode of the HR Certification Podcast.

HR Certification Podcast Episode 10: Whole Rewards Evaluate for HRCI & SHRM

Jessica Miller-Merrell: [00:00:38.11] Hello and welcome to the HR Certification Podcast. I’m your host, Jessica Miller-Merrell, and I’m so excited to have you ever right here. My mission, goal and fervour is elevating the HR business. And within the HR Certification Podcast, I assist HR leaders in private {and professional} improvement solely centered on their HR certification prep for SHRM and HRCI. It’s season two for us. I’m so excited! This podcast is powered by Workology’s HR certification prep program, our course, and sources. If you happen to’d wish to be taught extra about our choices, you possibly can head on over to www.HRCertificationPodcast.com. So many good sources served for you proper there. Now, earlier than I dive into at this time’s podcast, I do need to hear from you. Give me a observe over on Instagram or TikTok at @WorkologyBlog. So it’s @WorkologyBlog the place I’m pleased to reply your questions on HR certification. That’s @WorkologyBlog over on Instagram or TikTok. And possibly I’ll characteristic your query in a one other episode of the HR Certification Podcast. Now, in each single episode, I cowl data and sources that will help you along with your HR certification exams. This podcast is brief and to the purpose. Actually, in beneath quarter-hour, I need you to get your evaluate in and transfer on. The HR Certification Podcast is split into completely different segments. In each single episode, we’re going to handle a standard query or HR topical space to help you in your evaluate. We’ll evaluate an HR glossary time period and stroll you thru an HR certification examination query, all in a single episode. Jessica Miller-Merrell: [00:02:25.30] It’s going to be nice. Once more, these are designed for the SHRM and HRCI exams and that features the next HR certification exams the aPHR, the PHR, the SPHR, the SHRM-CP and the SHRM-SCP. In each single episode, we’ll have transcription notes of the podcast, and I’ll additionally share some really useful sources and data to help you in your evaluate, which is offered at www.HRCertificationPodcast.com. It’s going to be nice, I promise. Whole rewards is a key content material cornerstone for SHRM exams, however it’s much more necessary for HRCI. If you’re like me, I’ve not been robust within the space of complete rewards as a result of I labored at HR at giant corporations the place comp and advantages had been executed by these specialists inside HR. Or I finally managed these departments, however I used to be by no means the subject material professional, that means that I didn’t have a powerful grasp on complete rewards. So that is why we’re speaking about this in at this time’s episode, I need you to make your prep a deal with complete rewards. Once I took the SPHR and likewise the PHR. This was big. A lot is targeted on complete rewards. Similar with SHRM and their BASK, however there’s a a lot, a lot broader that means to what it’s a must to know and perceive for the SHRM exams. If you happen to’re taking the PHR or SPHR, complete rewards continues even this yr with all their adjustments taking place, it’s a giant a part of your examination, so it’s a must to be strong in these areas. We have now in depth evaluate of complete rewards in each our Ace The HR Examination programs for SHRM and HRCI. I lined complete rewards in our HRCI course in additional element as a result of it’s extra meaty over there. You’re going to have extra check questions for complete rewards and comp than in SHRM. So we now have extra data for you, together with extra check questions for complete rewards. You’ll be able to be taught extra about what’s inside our course at wwww.AcetheHRExam.com. We provide a month-to-month or annual studying subscription. Jessica Miller-Merrell: [00:04:33.61] As a result of complete rewards generally is a problem, I actually need to dive into our HR glossary time period, so be ready for a prolonged overview right here. I’m going to speak about at size issue comparability methodology. And I need to even break down 5 steps intimately. Are you prepared? Let’s go. The issue comparability methodology is a scientific strategy used for job analysis. This includes evaluating jobs primarily based on varied compensable elements to find out their relative price inside a corporation. So listed below are the 5 steps sometimes concerned within the issue comparability methodology. Let’s go. Step one in our issue comparability methodology is to establish key compensable elements. This primary step includes figuring out these key elements that contribute to the worth of jobs inside your group. These elements could embrace abilities, duties, working situations, complexity, and the {qualifications} required for each single job. Second space is rank elements. As soon as key compensable elements are recognized, they’re ranked primarily based on their significance or relevance to your group’s aims and total compensation technique. These elements are sometimes ranked from most to least necessary, reflecting their influence on total job price. The third space is growing issue scales. For every compensable issue, a scale or scoring system is developed which measures the diploma to which every job possesses that issue, so these scales could vary from low to excessive, or use numerical values to quantify the extent of every issue current within the job. The fourth is evaluating jobs utilizing the established issue scales, jobs are then in contrast towards one another to evaluate the extent to which they possess every compensable issue. This comparability includes evaluating the extent or diploma of every issue current in every job, and assigning scoring elements accordingly. Okay, the fifth step right here is figuring out the job’s relative price. After evaluating jobs on every compensable issue, the scores are totaled to find out the general relative price of every job. Jobs inside larger complete rating are thought of to be of higher worth or price inside the group’s pay construction, whereas jobs with decrease scores are deemed to be of a lesser worth. So by following these steps, organizations can systemically consider and set up equitable pay buildings primarily based on the relative price of those completely different jobs inside your or the group. Sounds easy proper? So that may be a temporary overview of what’s referred to as the issue comparability methodology. Let’s transfer on to our subsequent section. Break: [00:07:39.71] I do know that was plenty of data. Possibly you aren’t conversant in complete rewards. It was a quick evaluate. However let’s go forward and take a reset earlier than we transfer into our subsequent section right here on the HR Certification Podcast, which is powered by Workology. Once more, I’m your host, Jessica Miller-Merrell. It’s season two of our HR Certification Podcast. We’re speaking about complete rewards. Now Workology provides HR certification prep programs and sources. You’ll be able to be taught extra about these programs and the prep sources we provide by visiting our podcast hyperlink at HRCertificationPodcast.com . Or you possibly can head on over to Workology.com the place we provide a wide range of prep sources, together with bodily merchandise like flashcards, examine guides, together with programs for various kinds of learners. Most significantly, our prep programs and sources are accessible at any time when and wherever you’re. Our digital programs are on demand, they usually’re additionally accessible in our very personal Workology app, which is offered for Android and iOS, Google and Apple. I do need to hear from you. Ship me your HR certification questions. Hit me up on TikTok or Instagram, @WorkologyBlog. I’m pleased to reply questions there, join to speak extra and also you’ll get much more sources about HR certification prep.

HR Glossary Time period(s) – Whole Compensation Ratio

Jessica Miller-Merrell: [00:08:56.00] I’m excited that we’re now shifting right into a particular section on the HR Certification Podcast. We’re going to evaluate that glossary time period, and we do that for each single episode. Once more, that is the full rewards podcast episode. So know that these phrases are going to be about complete rewards. And all our phrases lined are centered on SHRM and HRCI data bases. Jessica Miller-Merrell: [00:09:17.51] So we’re going to discuss once more concerning the complete compensation ratio. Possibly you haven’t heard about this one. So the full compensation ratio or TCR is a metric used to match an worker’s complete compensation. This consists of each fastened and variable parts. We’re going to have a look at the median or common compensation of all staff in your or the group. So to calculate TCR precisely this requires a complete knowledge on worker compensation and will be difficult, proper? On account of issues like variations in pay construction or these job roles. The full compensation ratio, or TCR, is usually calculated utilizing the next formulation. Are you prepared? So it’s TCR equals complete compensation divided by the median or common compensation multiplied by 100. So let’s speak about every of those. Break it down within the formulation. Whole compensation represents the full compensation package deal obtained by a person. This consists of each fastened like base wage and variable compensation together with bonuses, incentives, and different parts. Now shifting on the median or common compensation. This refers back to the median or common compensation of all staff in your group. This median, common, or median, or common compensation serves because the benchmark towards which particular person worker compensation is in contrast. It’s necessary so the TCR is expressed as a proportion, and the TCR goes to offer you insights into how an worker’s complete compensation compares to that of their friends inside a selected group. A TCR of above 100% signifies that an worker’s complete comp is larger than the median common, whereas a complete compensation ratio of beneath 100 signifies the other. Clear as mud, proper? All proper.

HR Check Query Evaluate for SHRM and HRCI Certification Exams

Jessica Miller-Merrell: [00:11:27.78] We’re shifting right into a particular section of the HR Certification podcast the place we evaluate an HR check query. We do that for each single episode. So we now have been speaking about complete rewards and compensation. So the, the query we’re going to be speaking about at this time goes to be lined for SHRM and HRCI exams. So know that this materials is for every or each or all. However earlier than I share the query with you at this time, I need to offer you a fast overview of my HR check query framework. Extra data is offered about, concerning the HR Check Query Framework in additional element on our Workology YouTube channel. I’m going to hyperlink right here within the transcript of the podcast episode so you possibly can go on to it. So let me offer you an outline right here. There are 5 completely different steps within the HR check query framework. The 1st step is studying every query slowly and concisely. Step two is to establish the HR competency this check query is about. Helps you manage your ideas. Step three is to remove incorrect solutions. Step 4 is WWSD or WWHD, what would SHRM or HRCI do on this query? Take into consideration the check query from the perspective of HRCI or SHRM writing that query, what do they need from you and which is the very best reply? And step 5 is to go along with your intestine. So let’s go forward and stroll by means of this episode’s featured HR certification examination apply check query are you prepared? Let’s go. Jessica Miller-Merrell: [00:12:59.37] Whole rewards philosophy might help a corporation obtain its strategic targets by: A) Attracting and retaining staff with the required kSAs. Is it B) Sustaining an entitlement tradition? C) Positioning an organization to depart the competitors for workers, or D) Establishing a pecking order for jobs within the group? I’m going to go forward and skim the check query a second time for you, as a result of it’s lots:
Whole rewards philosophy might help a corporation obtain its strategic targets by doing what? Is it…
A) Attracting and retaining staff with the required KSAs? Or is it…
B) Sustaining an entitlement tradition? Is it…
C) Positioning an organization to depart the competitors for workers, or…
D) Establishing a pecking order for jobs within the group?
Jessica Miller-Merrell: [00:13:57.63] What do you assume the proper reply is? A drum roll, please. The right reply is A) Retaining and attracting staff with the required KSAs. Expertise, data and talents. Data, abilities and talents. Whole rewards is an idea that describes all of the instruments out there to an employer that could be used to draw, encourage, and retain staff in a corporation. Now, in the event you didn’t get this one, don’t fear, simply make a remark for your self. I like to make use of somewhat pocket book and make a remark to evaluate it later. I add this subject to my pocket book after which undergo my every day evaluate and evaluate phrases, necessary objects that I need to ensure I actually grasp and perceive higher. I do have extra check questions. You’ll be able to entry them in our check query financial institution. We have now 25 free check questions at www.HRTestQuestions.com. I even have over 1500 check questions inside our Ace The HR Examination course organized by competency and space. Test it out. Closing: [00:15:04.65] HR certification is such an necessary step in your profession. Whether or not you’re trying to enhance your data in HR, achieve credibility in your workplace, enhance your earnings potential. This wasn’t an enormous one for me. Or show to your self that you simply should be on this position as an HR chief in skilled. And I’m right here to inform you, you do should be right here. Collectively, let’s elevate the HR career. Thanks for becoming a member of me on this episode of the HR Certification Podcast. My identify is Jessica Miller-Merrell. I assist HR leaders ace their HR certification exams. Let me do the identical for you. Workology provides a number of programs and sources that will help you ace your HR certification examination. Go to HRCertificationPodcast.com to be taught extra about how we assist with HR certification prep for the aPHR, the PHR, the SPHR, the SHRM-CP, and the SHRM-SCP exams. If in case you have a query or suggestion or a podcast subject space for evaluate, and also you need to make a suggestion for an upcoming episode of the HR Certification Podcast now in season two, give me a observe on @WorkologyBlog on Instagram or TikTok and let me know your suggestion or concept that you’ve got for the following episode. I’ll see you subsequent time on the HR Certification Podcast.